Everyone wants to save money. Though they have the intention to save money, many people find it hard to make savings a regular habit. Also, for people who are earning their living through daily wages it is not easy to set aside some amount from that as savings. They face difficulties in building an emergency fund or a retirement corpus. So here is a simple trick that anyone can follow jumpstart their savings plan.
Try this simple method of rounding off the money that you spend to easily save money. It is very important to have good money management skills for a successful financial future.
Rounding off your grocery shopping
Grocery shopping is one of the inevitable shopping that anyone does on a daily, weekly or monthly basis. You could be doing your grocery shopping using cash, debit or credit card. Whichever way you do your shopping, make it a point to come back home and round off the bill amount to the nearest hundred. Then save the balance amount in a piggy bank or any other separate wallet at home. For example, if your bill amount is Rs. 1528, then round it off to 1600. Now make it a point to save the remaining Rs. 72. If your bill is less than Rs. 100, then round it off to 100 and save the balance change!
Rounding off when eating outside
It doesn’t matter if you are having dinner in a big restaurant or in a road side shop. Make it a habit to round off the bill to the nearest hundred and save the balance. This can be applied even for having tea/ coffee or some snacks outside.
Rounding off credit card payments
Another easy item to round off when paying the bill is your credit card outstanding. When you follow the method of rounding off as discussed above, you can accumulate a good amount over time and can end up using that saved amount to pay your onetime credit card bill!!
You can apply this method of saving by rounding off to any kind of expenditure that you do. These rounding off amounts might be very small amounts. They not only make it easy and comfortable for you to save but will also help you grow a good corpus over the years. Now you can also take a small step towards your goal of saving money with this simple trick.